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JGB futures are bid in early afternoon.........>

JGBS: JGB futures are bid in early afternoon dealing, last trading 25 ticks
higher vs. settlement and registering fresh intraday highs in the process.
- The move is likely being facilitated by a couple of factors:
- 1) The BoJ noted that it will re-examine economic & price developments at the
next meeting, which could pave the way for further easing measures.
- 2) No declaration of a "reverse twist" operation at the BoJ, which we viewed
as a low probability outcome ahead of the meeting as recent market dynamics have
allowed longer dated JGB yields to move away from cycle lows in recent sessions.
- 10-Year yields last having a look back below -0.20%, just, at -0.203, as the
5-10 Year sector of the curve maintains its outperformance on the day.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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